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I don’t think they matter as much as before because there are so many prep classes and so many parents able and willing to send their kids to them that getting a good score is more common nowadays.
However, it still holds some weight as it provides some sort of standardized measurement of academic proficiency to account for the fluctuation of GPA.
For example:
Student A: 4.0 GPA 1800 SAT Student B: 3.8 GPA 2300 SAT.
I’m going to assume both took the SAT under relatively the same prep and such.
What the SAT tells me is that Student A might go to a relatively easier school than Student B does and that Student A’s 4.0 GPA will not hold as much weight anymore.
Do you mean SAT and ACT, or just the one?
It depends on the college.
At super selective schools, a bad score is a disadvantage, but a good score is not an advantage because many others have good scores.